Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The disk oscillated and declined, with the basis at -588 (+457), the 5 - 6 month spread at 193 (+31), and 1300 lots of warehouse receipts (-1800). The cheapest deliverable was Shandong ether - post 6080 (+130). [1] - The conflict between the US and Iran shows no sign of cooling, the US terminal operation is at full capacity, and the inventory in April still has support, but the subsequent supply shortage may become more prominent. [1] - There may be measures to ensure people's livelihood in China, the PP - PG spread continues to widen, but the current valuation is not low, and there may be negative feedback from the terminal, so it is not advisable to chase the high. [1] - The valuation of the PG 5 - 6 month spread is not low, and short - term geopolitical news has a large impact, so it is recommended to wait and see. [1] Summary by Related Catalogs Daily Market - On March 31, the PG2605 contract closed at 6339 (-267) at 3 pm, with a 5 - 6 month spread of 139 (-31) and 0 warehouse receipts (-1300). The night session closed at 6501 (+162), with a 5 - 6 month spread of 166 (+27). [1] - Constrained by the successive decline of the related oil product market, the refinery's willingness to support the market is not strong. Shandong civil gas was at 6370 (-81), Shandong ether - post at 6510 (-40), Shandong propane at 6807 (-25), and Longkou Port propane at 7500 (+0). [1] Weekly Viewpoints - The basis was -588 (+457), the 5 - 6 month spread was 193 (+31), and there were 1300 lots of warehouse receipts (-1800). The cheapest deliverable was Shandong ether - post 6080 (+130). Shandong civil gas was at 6100 (+110), East China civil gas at 7065 (+876), and South China civil gas at 7205 (+905). [1] - The FEI month spread was 104 US dollars (-8), the oil - gas ratio oscillated, and the internal and external PG - FEI c2 reached 156 (+13). The South China CP propane arrival discount was 368 (-133), and the FOB discounts of AFEI, US Gulf, and Middle East propane were 45 (-5), 182 (-91), and 245 (+245) respectively. The FEI - MOPJ spread narrowed to -122 (-46). [1] - Propane import profit increased significantly. The spot profit of Chinese PDH - made propylene weakened to 734 (-611); the paper goods of PDH - made PP in East and South China oscillated significantly. [1] - The port inventory ratio was 36.08% (-0.24pct), the arrival volume was 52.8 tons (-18.27%), the factory storage capacity utilization was 24.92% (-1.13pct), and the external release was 51.78 tons (-3.36%). [1] - The PDH operating rate was 63.6% (-2.03pct); the utilization rate of alkylated oil production capacity was 38.6% (+0pct); the MTBE operating rate was 67.3% (+0.76pct); the MTBE export order was 0 tons (-4.5). [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The disk fluctuates and declines, with the latest basis at -588 (+457) and the 5 - 6 month spread at 193 (+31) [1] - The conflict between the US and Iran shows no sign of cooling, US terminal operations are at full capacity, April inventory is still supported, but subsequent supply shortages may become more prominent [1] - There may be measures to ensure people's livelihoods in China, the PP - PG spread continues to widen, but the current valuation is not low and there may be negative feedback from the terminal, so it is not advisable to chase the high [1] - The valuation of the PG 5 - 6 month spread is not low, short - term geopolitical news has a large impact, and it is recommended to wait and see [1] 3. Summary by Relevant Catalogs 3.1 Daily Quotes - Shandong civil LPG is 6430 (+0), Shandong ether - after LPG is 6550 (+50), Shandong propane is 6832 (+276), and Longkou Port propane is 7500 (+0) [1] - Platts assesses the CP South China CIF CFR discount at 358.5 (+20) at 6:30 pm on Monday, and the CFR price is 1013.5 (+35) [1] - At 11 pm on Monday, FEI is reported at 925.5 (+29.5), the 4 - 5 month spread is 105 (+3), and the 5 - 6 month spread is 77 (+9) [1] - PG - FEI05 internal - external spread is 136.8 (-37.9), and FEI - MOPJ is - 124 (-11) [1] 3.2 Weekly Views - The basis is -588 (+457), the 5 - 6 month spread is 193 (+31), and the number of warehouse receipts is 1300 (-1800) [1] - The cheapest deliverable is Shandong ether - after LPG at 6080 (+130) [1] - Shandong civil LPG is 6100 (+110), East China civil LPG is 7065 (+876), and South China civil LPG is 7205 (+905) [1] - The FEI month spread is 104 US dollars (-8), and the oil - gas ratio fluctuates [1] - The internal - external PG - FEI c2 is 156 (+13) [1] - The South China CP propane CIF discount is 368 (-133), and the FOB discounts of AFEI, US Gulf, and Middle East propane are 45 (-5), 182 (-91), and 245 (+245) respectively [1] - The FEI - MOPJ spread narrows to -122 (-46) [1] - Propane import profit rises significantly [1] - The spot profit of China's PDH - made propylene weakens to 734 (-611), and the paper futures of PDH - made PP in East and South China fluctuate significantly [1] - The port inventory ratio is 36.08% (-0.24pct), the arrival volume is 52.8 tons (-18.27%), the factory storage capacity is 24.92% (-1.13pct), and the external release is 51.78 tons (-3.36%) [1] - PDH operating rate is 63.6% (-2.03pct), alkylated oil capacity utilization rate is 38.6% (+0pct), MTBE operating rate is 67.3% (+0.76pct), and MTBE export orders are 0 tons (-4.5) [1]

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core Viewpoints of the Report - The futures price fluctuates and declines, with the latest basis at -588 (+457), and the May - June spread at 193 (+31). The number of warehouse receipts is 1300 lots (-1800), with Jingbo having a reduction of 1800. The cheapest deliverable is Shandong ether - after carbon four at 6080 (+130). Shandong civil LPG is at 6100 (+110), East China civil LPG at 7065 (+876), and South China civil LPG at 7205 (+905). The FEI monthly spread is 104 US dollars (-8), and the oil - gas ratio fluctuates. The internal and external PG - FEI c2 reaches 156 (+13). The South China CP propane arrival discount is 368 (-133), and the FOB discounts for AFEI, US Gulf, and Middle East propane are 45 (-5), 182 (-91), and 245 (+245) respectively. The FEI - MOPJ spread narrows, with the latest at -122 (-46). Propane import profit rises significantly. The spot profit of China's PDH - made propylene weakens, with the latest at 734 (-611); the paper goods of PDH - made PP in East and South China fluctuate significantly. The port inventory ratio is 36.08% (-0.24pct), the arrival volume is 52.8 tons (-18.27%), the factory storage capacity utilization is 24.92% (-1.13pct), and the external release is 51.78 tons (-3.36%). The PDH operating rate is 63.6% (-2.03pct); the alkylation oil capacity utilization rate is 38.6% (+0pct); the MTBE operating rate is 67.3% (+0.76pct); the MTBE export order is 0 tons (-4.5). Overall, the conflict between the US and Iran shows no sign of cooling, the US terminal operation is at full capacity, and the inventory in April still has support, but the subsequent supply shortage may become more prominent. There may be measures to ensure people's livelihoods in China, the PP - PG spread continues to widen, but the current valuation is not low and there may be negative feedback from the terminal, so it is not advisable to chase the high. The PG May - June spread valuation is not low, and short - term geopolitical news has a large impact, so it is recommended to wait and see [1] Group 3: Summary by Relevant Catalogs Market Data - From March 23 - 27, 2026, the prices of South China LPG, East China LPG, Shandong LPG, propane CFR South China, propane CIF Japan, CP forecast contract price, Shandong ether - after carbon four, Shandong alkylation oil, paper import profit, and main basis are presented with daily data and their corresponding changes. For example, on March 23, South China LPG was 7080, and on March 27, it was 7205, with a daily change of -15 on March 27 compared to the previous day [1] Weekly Outlook - Futures price: Fluctuates and declines, with the basis and month - spread changes as mentioned above [1] - Warehouse receipts: 1300 lots (-1800), with Jingbo having a reduction of 1800 [1] - Deliverable: The cheapest is Shandong ether - after carbon four at 6080 (+130) [1] - Civil LPG prices: Shandong at 6100 (+110), East China at 7065 (+876), South China at 7205 (+905) [1] - FEI - related data: FEI monthly spread is 104 US dollars (-8), FEI - MOPJ spread is -122 (-46) [1] - Oil - gas ratio: Fluctuates [1] - PG - FEI c2: Reaches 156 (+13) [1] - Propane discounts: South China CP propane arrival discount is 368 (-133), AFEI, US Gulf, and Middle East propane FOB discounts are 45 (-5), 182 (-91), and 245 (+245) respectively [1] - Profit situation: Propane import profit rises significantly; China's PDH - made propylene spot profit weakens to 734 (-611); the paper goods of PDH - made PP in East and South China fluctuate significantly [1] - Inventory and operation data: Port inventory ratio is 36.08% (-0.24pct), arrival volume is 52.8 tons (-18.27%), factory storage capacity utilization is 24.92% (-1.13pct), external release is 51.78 tons (-3.36%). PDH operating rate is 63.6% (-2.03pct), alkylation oil capacity utilization rate is 38.6% (+0pct), MTBE operating rate is 67.3% (+0.76pct), MTBE export order is 0 tons (-4.5) [1] - Market judgment: The US - Iran conflict shows no sign of cooling, the US terminal operation is at full capacity, April inventory has support, but subsequent supply shortage may be more prominent. There may be measures to ensure people's livelihoods in China, the PP - PG spread continues to widen, but the current valuation is not low and there may be negative feedback from the terminal, so it is not advisable to chase the high. The PG May - June spread valuation is not low, and short - term geopolitical news has a large impact, so it is recommended to wait and see [1]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - Due to the escalation of the Middle East situation, attacks on gas fields in Iran and Qatar, and a compressor leak at Targe, the PG futures market has risen significantly [1] - The domestic PG market is in a contradiction between weak reality and strong expectations. The current basis is weak, and there is sufficient refinery gas in the short - term. The 4 - 5 month spread of the domestic market is in a delivery game and is expected to fluctuate greatly [1] - In the future, it is highly likely that there will be a shortage of goods in the second half of April in China. If the Strait is interrupted for a longer time, the international market will face a more serious shortage problem, and the civil gas demand gap will be difficult to make up, so the overseas market will still be strong [1] Summary by Relevant Catalogs Daily Data - On March 24, 2026, the closing price of the PG2605 contract at 3 pm was 6836 (-162), the 5 - 6 month spread was 195 (+0), the number of warehouse receipts was 3100 (+0), the night - session closing price was 6668 (-543), and the 5 - 6 month spread was 256 (+61) [1] - On Tuesday, the price of civil LPG in Shandong was 6550 (+0), the price of ether - after carbon four in Shandong was 6470 (-70), the price of propane in Shandong was 6950 (+27), and the price of propane at Longkou Port was 7500 (+0) [1] Weekly Data - The latest basis is -1057 (-736), the 4 - 5 month spread is 64 (-68), and the number of warehouse receipts is 3100 lots (+8) [1] - The cheapest deliverable is Shandong ether - after carbon four at 5950 (+520), Shandong civil LPG at 5990 (+440), East China civil LPG at 6189 (+30), and South China civil LPG at 6300 (+150) [1] - The FEI month spread is 112 US dollars (+28), the oil - gas price ratio has declined, the domestic PG - FEI c1 is 35 (-15.5) [1] - The CIF discount of South China CP propane is 501 (+108), and the FOB discounts of AFEI, US Gulf, and Middle East propane are 50 (-54.75), 273.5 (+72.9), and 0 (+0) respectively [1] - The FEI - MOPJ spread is -76 (+52) [1] - The spot profit of propylene production from domestic PDH has weakened slightly, and the paper profit of PP production from PDH in East and South China has declined [1] - The port inventory ratio is 35.84% (+0.79 pct), the enterprise storage capacity utilization rate is 26.05% (+1.11 pct), and the PDH operating rate is 65.63% (+2.4 pct) [1]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - Due to the escalation of the Middle East situation, attacks on gas fields in Iran and Qatar, and a compressor leak, the PG futures price has risen significantly. The domestic PG market is in a contradiction between weak reality and strong expectations. The current basis is weak, and there is sufficient refinery gas in the short - term in China. The 4 - 5 month spread of the domestic market is in a delivery game and is expected to fluctuate greatly. In the future, it is likely that there will be a shortage of goods in the second half of April in China. If the Strait is interrupted for a longer time, the international market will face a more serious shortage problem, and the civil gas demand gap will be difficult to make up, so the overseas market will still be strong [1] Group 3: Summary by Related Catalogs 1. Daily Data - On March 23, 2026, the PG2605 contract closed at 7244 (+717) at 3 pm, with a 5 - 6 month spread of 195 (+3) and 3100 (+0) warehouse receipts. The night - session closed at 6986 (-258), with a 5 - 6 month spread of 246 (+51). On Monday, the civil LPG price in Shandong was 6550 (+20), the post - ether price in Shandong was 6540 (+50), the propane price in Shandong was 6923 (+625), and the propane price at Longkou Port was 7500 (+300) [1] 2. Weekly Data - The latest basis is - 1057 (-736), the 4 - 5 month spread is 64 (-68), and there are 3100 (+8) warehouse receipts. The cheapest deliverable is Shandong post - ether at 5950 (+520). The civil LPG price in Shandong is 5990 (+440), in East China is 6189 (+30), and in South China is 6300 (+150). The FEI month spread is 112 US dollars (+28), and the oil - gas price ratio has declined. The PG - FEI c1 is 35 (-15.5). The CIF propane premium in South China is 501 (+108), and the FOB premiums of AFEI, US Gulf, and Middle East propane are 50 (-54.75), 273.5 (+72.9), and 0 (+0) respectively. The FEI - MOPJ spread is - 76 (+52). The spot profit of domestic PDH to propylene has weakened slightly, and the paper profit of PDH to PP in East and South China has declined. The port inventory ratio is 35.84% (+0.79 pct), the enterprise storage capacity ratio is 26.05% (+1.11 pct), and the PDH operating rate is 65.63% (+2.4 pct) [1]

Group 1 - The investment rating of the report is not provided [1] Group 2 - The report's core view is that the LPG market had significant fluctuations and a rising center last week, mainly following oil prices. The basis fluctuated sharply, and the 4 - 5 month spread was positive. The key factor for the future is when the Strait of Hormuz will resume traffic, and short - term spot quotes depend on international oil prices. A shortage of LPG is likely in April in China, more severe in East and South China than in Shandong. The short - term futures price may continue to follow oil prices, and the month spread will be strong [1] Group 3 Daily Quotes - On March 19, the PG2604 contract closed at 6392 (+626) at 3 pm, with a 4 - 5 month spread of 109 (+13) and 1800 (+0) warehouse receipts. The night session closed at 6660 (+449), with a 4 - 5 month spread of 8 (-101). Shandong's civil LPG continued to rise, with a mainstream transaction of 5600 - 5850 yuan/ton. Shandong's ether - post LPG was 5810 (+300). Longkou Port's propane price was 7200 (+0), and Shandong's propane - propylene price was 8525 (+480). The East China market was stable with some individual increases, with a mainstream transaction of 5760 - 6340 yuan/ton [1] Weekly Viewpoints - Last week, the futures price fluctuated greatly and the center rose, mainly following oil prices. The basis rose and fell sharply, with the latest at - 321 (+346), and the 4 - 5 month spread at 132 (+5). There were 3108 (-1544) warehouse receipts. The cheapest deliverable was Shandong's ether - post LPG at 5430 (+280). Shandong's civil LPG was 5550 (+610), and East China's civil LPG was 6159 (+1178). The FEI month spread was 84 US dollars (+27), and the oil - gas price ratio fluctuated downward. The PG - FEI c1 spread was 52.4 (-45). The CIF discount for South China's CP propane was 402 (+30). The FOB discounts for AFEI, US Gulf, and Middle East propane were 104.75 (+12.75), 200.6 (+41.7), and 0 (+0) respectively. The FEI - MOPJ spread was - 126 (-59). The spot profit of PDH strengthened significantly. The port inventory ratio was 35.05% (-5.5pct). The external supply of LPG sample enterprises was 54.4 (-1.8) million tons. The PDH operating rate was 63.23 (-1.7pct) [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Last week, the futures price fluctuated greatly and the center moved up, mainly following the oil price. The basis fluctuated sharply, the 4 - 5 month spread was 132 (+5), and the number of warehouse receipts decreased by 1544 to 3108 lots. The cheapest deliverable was Shandong ether - post 5430 (+280). PDH spot profit strengthened significantly, port inventory ratio decreased by 5.5 pct to 35.05%, and the external supply of liquefied gas sample enterprises decreased by 1.8 to 54.4 tons. PDH operating rate decreased by 1.7 pct to 63.23. The subsequent core lies in when the Strait of Hormuz will resume passage, and short - term spot quotes mainly depend on international oil prices. There will probably be a shortage of goods in China in April, more serious in East and South China than in Shandong. The short - term futures price may still follow the oil price, and the month spread will run strongly [1] Summary by Relevant Catalogs Daily Quotes - On March 17, the PG2604 contract closed at 5849 (+10) at 3 pm, the 4 - 5 month spread was 113 (-27), and the number of warehouse receipts was 1800 (+0). The night session closed at 5848 (+21), and the 4 - 5 month spread was 83 (-30). Shandong civil gas was 5520 (+0), with a fair trading atmosphere. Shandong ether - post was 5450 (+30). Longkou Port propane was 7200 (+0), and Shandong propylene price was 8025 (+0). The East China market declined steadily, with the mainstream transaction price ranging from 5900 - 6280 yuan/ton, and the demand was average, with high - price refineries having difficulty in selling goods [1] Weekly Quotes - Last week, the futures price fluctuated greatly and the center moved up, mainly following the oil price. The basis was - 321 (+346), the 4 - 5 month spread was 132 (+5), and the number of warehouse receipts was 3108 (-1544). The cheapest deliverable was Shandong ether - post 5430 (+280). Shandong civil gas was 5550 (+610), and East China civil gas was 6159 (+1178). The FEI month spread was 84 US dollars (+27), the oil - gas price ratio declined oscillatingly. The internal and external PG - FEI c1 was 52.4 (-45). The CIF discount of South China CP propane was 402 (+30), and the FOB discounts of AFEI, US Gulf, and Middle East propane were 104.75 (+12.75), 200.6 (+41.7), and 0 (+0) respectively. The FEI - MOPJ spread was - 126 (-59). PDH spot profit strengthened significantly. The port inventory ratio was 35.05% (-5.5 pct), and the external supply of liquefied gas sample enterprises was 54.4 tons (-1.8). The PDH operating rate was 63.23 (-1.7 pct) [1]

Report Industry Investment Rating - Not provided Core View of the Report - Last week, the futures market fluctuated significantly with an upward central tendency, mainly following the oil price. The basis fluctuated sharply, and the latest value was -321 (+346). The spread between April and May was 132 (+5). The number of warehouse receipts was 3108 lots (-1544). The cheapest deliverable was Shandong ether post-5430 (+280). The domestic shortage problem in April is likely inevitable, and it is expected to be more severe in East and South China than in Shandong. In the short term, the futures market may still follow the oil price, and the spread between months will be strong [3]. Summary by Relevant Catalogs Daily Quotes - On March 16, the PG2604 contract closed at 5884 (+172) at 3 pm, with a spread of 140 (+8) between April and May. The number of warehouse receipts was 1800 (-1308). The night session closed at 5810 (-29), with a spread of 116 (-24) between April and May. Shandong civil gas was at 5520 (+190), and the overall trading atmosphere was fair. Shandong ether post was at 5420 (+0), with controllable shipments and inventory at mainstream manufacturers, but the downstream showed signs of weakness in following the price increase. Longkou Port propane was at 7200 (+0), and the Shandong propylene price was 8025 (-25). The East China market declined steadily, with mainstream transactions at 5900 - 6340 yuan/ton, and demand was average, with high-price refineries having difficulty in shipping. As of 11 pm, FEI was at 792 (+21), with a spread of 87 (+5) between April and May. The FEI - MOPJ was -128 (-8) [3]. Weekly View - The futures market fluctuated significantly last week with an upward central tendency, mainly following the oil price. The basis fluctuated sharply, and the latest value was -321 (+346). The spread between April and May was 132 (+5). The number of warehouse receipts was 3108 lots (-1544). The cheapest deliverable was Shandong ether post-5430 (+280). Shandong civil gas was at 5550 (+610), and East China civil gas was at 6159 (+1178). The FEI spread was 84 US dollars (+27), and the oil - gas price ratio fluctuated and declined. The internal and external PG - FEI c1 was 52.4 (-45). The CIF discount for South China CP propane was 402 (+30), and the FOB discounts for AFEI, US Gulf, and Middle East propane were 104.75 (+12.75), 200.6 (+41.7), and 0 (+0) respectively. The FEI - MOPJ spread was -126 (-59). The PDH spot profit strengthened significantly. The port inventory ratio was 35.05% (-5.5 pct). The external release of liquefied gas sample enterprises was 54.4 tons (-1.8). The PDH operating rate was 63.23 (-1.7 pct). The core issue in the future is when the Strait of Hormuz will resume traffic, and short - term spot quotes mainly depend on the international oil price. The domestic shortage problem in April is likely inevitable, and it is expected to be more severe in East and South China than in Shandong. In the short term, the futures market may still follow the oil price, and the spread between months will be strong [3].

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The LPG futures price increased. On March 12, the PG2604 contract closed at 5,641 (+194) at 3 pm, with a 4 - 5 month spread of 127 (-32). The number of warehouse receipts was 3,108 (+0). The night - session closed at 5,706 (+21), and the 4 - 5 month spread was 143 (+16) [1]. - The LPG market in Shandong showed mixed price movements, with high - priced areas experiencing price corrections and low - priced areas seeing price rebounds. The overall trading atmosphere was good, driven by the rise in crude oil prices. The estimated price of domestic LPG in Shandong was 5,200 yuan/ton, a 170 - yuan increase from the previous period. The East China market was stable with a downward trend, and the mainstream transaction price was between 5,900 - 6,500 yuan/ton [1]. - Last week, the futures price rose significantly, mainly due to geopolitical factors. The basis first decreased and then rebounded, with the latest value at - 688 (-346). The 4 - 5 month spread was 127 (+60). The number of warehouse receipts was 4,652 lots (-2,027). The cheapest deliverable was Shanghai domestic LPG at 4,800 (+600). The FEI month spread was 57 US dollars (+32), and the oil - gas price ratio increased significantly [1]. - The domestic and international markets fluctuated widely. The PG - FEI c1 reached 97 (+2). The East China propane arrival premium was 208 (+101); the AFEI, US Gulf, and Middle East propane FOB premiums were 92 (+72), 159 (+81), and 0 (+0) respectively. The FEI - MOPJ spread was - 68 [1]. - The spot profit of PDH increased significantly, and the paper profit first decreased and then rebounded. The port inventory ratio was 35.6% (+2.5 pct). The production - sales rate of LPG sample enterprises was 103% (+3 pct), and the external supply was 562,000 tons (-1.87%). The PDH operating rate was 64.93% (+1.7 pct) [1]. - In the second week after the Spring Festival, the downstream demand recovered slowly, and the supply was not substantially affected. The fundamental situation was weak. The impact of the Middle East supply interruption may gradually emerge in late March or April. The domestic basis is weak, and the PG import profit has dropped to a deep negative value. The 4 - 5 month spread is mainly affected by the development of the Middle East situation and may remain strong in the short - term under the sign of geopolitical heating [1]. 3. Summary by Relevant Catalogs Day - to - Day Data | Date | South China LPG | East China LPG | Shandong LPG | Propane CFR South China | Propane CIF Japan | CP Forecast Contract Price | Shandong Ether - after Carbon Four | Shandong Alkylation Oil | Paper Import Profit | Main Contract Basis | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2026/03/06 | 5,145 | 4,981 | 4,940 | 770 | 791 | 570 | 5,150 | 7,800 | - 908 | - 220 | | 2026/03/09 | 5,920 | 5,973 | 7,310 | 860 | 954 | 593 | 7,350 | 10,500 | - 819 | 304 | | 2026/03/10 | 6,140 | 6,378 | 6,420 | 860 | 761 | 580 | 6,860 | 9,500 | - 562 | 868 | | 2026/03/11 | 6,120 | 6,378 | 5,030 | 865 | 791 | 575 | 6,000 | 9,000 | - 626 | - 217 | | 2026/03/12 | 6,110 | 6,264 | 5,230 | 935 | - | 578 | 5,420 | 8,500 | - 1,172 | - 211 | | Day - to - Day Change | - 10 | - 114 | 200 | 70 | - | 3 | - 580 | - 500 | - 546 | 6 | [1] Day - to - Day Viewpoint - The LPG futures price increased. On March 12, the PG2604 contract closed at 5,641 (+194) at 3 pm, with a 4 - 5 month spread of 127 (-32). The number of warehouse receipts was 3,108 (+0). The night - session closed at 5,706 (+21), and the 4 - 5 month spread was 143 (+16) [1]. - The LPG market in Shandong showed mixed price movements, with high - priced areas experiencing price corrections and low - priced areas seeing price rebounds. The overall trading atmosphere was good, driven by the rise in crude oil prices. The estimated price of domestic LPG in Shandong was 5,200 yuan/ton, a 170 - yuan increase from the previous period. The East China market was stable with a downward trend, and the mainstream transaction price was between 5,900 - 6,500 yuan/ton [1]. Weekly Viewpoint - Last week, the futures price rose significantly, mainly due to geopolitical factors. The basis first decreased and then rebounded, with the latest value at - 688 (-346). The 4 - 5 month spread was 127 (+60). The number of warehouse receipts was 4,652 lots (-2,027). The cheapest deliverable was Shanghai domestic LPG at 4,800 (+600). The FEI month spread was 57 US dollars (+32), and the oil - gas price ratio increased significantly [1]. - The domestic and international markets fluctuated widely. The PG - FEI c1 reached 97 (+2). The East China propane arrival premium was 208 (+101); the AFEI, US Gulf, and Middle East propane FOB premiums were 92 (+72), 159 (+81), and 0 (+0) respectively. The FEI - MOPJ spread was - 68 [1]. - The spot profit of PDH increased significantly, and the paper profit first decreased and then rebounded. The port inventory ratio was 35.6% (+2.5 pct). The production - sales rate of LPG sample enterprises was 103% (+3 pct), and the external supply was 562,000 tons (-1.87%). The PDH operating rate was 64.93% (+1.7 pct) [1]. - In the second week after the Spring Festival, the downstream demand recovered slowly, and the supply was not substantially affected. The fundamental situation was weak. The impact of the Middle East supply interruption may gradually emerge in late March or April. The domestic basis is weak, and the PG import profit has dropped to a deep negative value. The 4 - 5 month spread is mainly affected by the development of the Middle East situation and may remain strong in the short - term under the sign of geopolitical heating [1].

Report Industry Investment Rating - Not provided Core Viewpoints - Short - term market sentiment will dominate the LPG futures market, and continuous attention should be paid to the development of the Iran situation [1] - In the short - term, due to excessive geopolitical risks, it is recommended to wait and see. In the medium - to - long - term, propane prices are expected to decline, which may lead to a short - term phased repair of PDH profits. However, due to the over - capacity of downstream industries, opportunities to short PDH profits at high levels within the year can be sought [1] - The domestic LPG futures market is expected to be strong in the short - term due to geopolitical risks, and the tight supply of overseas propane in April is difficult to ease. The strategy of shorting the domestic - foreign price difference can still be considered in the short - term [1] Summary by Relevant Catalogs Daily Data - On March 4, 2026, the LPG futures market continued to rise. The main contract 2604 closed at 5304 (+257), and the 4 - 5 month spread was 112 (+37). At night, 04 closed at 5139 (-177), and the 4 - 5 month spread was 123 (+11). FEI near - month was 677 (+32) during the day and 651.5 (-25.5) at night, with a month spread of 60 (+8.5) during the day and 55 (-5) at night [1] - The prices of LPG in South China, East China, and Shandong all increased on March 4 compared to the previous day, with increases of 90, 117, and 210 respectively. The prices of propane CFR South China and CP forecast contract price also increased, while the paper import profit decreased by 43, and the main contract basis decreased by 61 [1] Important Data Updates - PDH devices such as Wanhua in March, Jiangsu Hengrui in Q2, Ningbo Formosa Plastics at the end of March, and Donghua Maoming at the end of March all have maintenance plans [1] Hot News - The conflict between Iran and the US - Israel shows signs of extension. Iran's Supreme Leader's senior assistant said Iran has no intention to negotiate with the US. According to Iranian media, a member of the Assembly of Experts said the candidate for the Supreme Leader has been determined, and the Leadership Council is currently running the country and will appoint a new Supreme Leader soon [1] Weekly Data - Last week, the LPG futures market rose, mainly affected by geopolitical factors and a Saudi device failure. The basis was - 342 (-76), the 4 - 5 month spread was 73 (-8), and the number of warehouse receipts was 6679 (-83). The cheapest deliverable was Shanghai civil LPG at 4200 (+50) [1] - The FEI month spread was 47.5 US dollars (+27.5), the oil - gas price ratio decreased significantly. The March CP official price was lower than expected, with propane and butane at 545/540 (+0). The domestic - foreign price relationship was strong first and then weak, with PG - FEI c1 at 43.9 (-5.5) [1] - The East China propane arrival premium was 107 (+14); the AFEI, US Gulf, and Middle East propane FOB premiums were 20 (-7), 78.15 (+13), and 0 (+0) respectively. The FEI - MOPJ spread was - 22 (+20) [1] - PDH spot profit increased slightly, while futures profit decreased significantly. The port inventory ratio was 33.12% (+2.77pct), the sales - production ratio of LPG sample enterprises was 100%, and the external supply was 57.27 tons (+1.74%). The PDH operating rate was 63.23% (-1.61pct) [1]